Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT (18/13)
## TRUSTEES ANNUAL REPORT and FINANCIAL STATEMENTS
## FOR YEAR ENDED 31[st] AUGUST 2024
Charity Number 1134227
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
TRUSTEES ANNUAL REPORT & FINANCIAL STATEMENTS
YEAR ENDED 31[st] AUGUST 2024
|CONTENTS|PAGE|
|---|---|
|Trustees annual report|1|
|Report of the Independent Auditors|7|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cash Flows|12|
|Notes to the Financial Statements|13|
|Appendix A: List of Trustees|27|
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## TRUSTEES ANNUAL REPORT
## YEAR ENDED 31[st] AUGUST 2024
The Trustees have pleasure in presenting their report and the financial statements of the Charity for the year ended 31st August 2024.
## OUR PURPOSES AND ACTIVITIES
The Circuit's aim is to advance the Christian faith in accordance with the doctrinal standards and discipline of The Methodist Church for the benefit of the public. We confirm that the Trustees had regard to the Charity Commission’s guidance on public benefit, and, specifically, the guidance relating to charities for the advancement of religion.
The calling of the Methodist Church is to respond to the Gospel of God’s love in Christ and to live out its discipleship in worship and mission. It does this through worship, learning and caring service and evangelism.
The Mission plan of the Sankey Valley Circuit (as agreed by the February 2020 Circuit Meeting) is to respond to this calling by seeking to inspire, encourage, equip and enable the local churches to be disciples, grow disciples and make disciples of Jesus Christ.
To develop this mission we:
- ➢ Encourage and challenge churches to fulfil their calling locally (local growth / mission plans).
- ➢ Support churches as they seek to do things in new ways.
- ➢ Stand alongside areas where fragile work should be sustained.
- ➢ Employ presbyters and deacons to provide pastoral support to all those who are linked to the Methodist churches in the Circuit and to facilitate mission opportunities.
- ➢ Provide Lay Employees to support our ministers and assist in the mission of our churches. ➢ Produce a quarterly preaching plan to ensure regular acts of worship take place at the Methodist churches within the Circuit.
- ➢ Find and share expertise wherever we can.
- ➢ Provide learning and development opportunities with appropriate resources.
- ➢ Support the Nutgrove Methodist Aided Primary School .
## Safeguarding
The Trustees of the Circuit recognise that the safety of children, young people and vulnerable adults is paramount.
The Circuit has a robust safeguarding policy in place and each of the Methodist Churches within the Circuit have approved and adopted a safeguarding policy. These policies apply to trustees, staff and volunteers and provide a commitment to safe recruitment, selection and vetting. The Circuit’s policy is reviewed annually and the last review was by the Circuit Meeting in June 2024.
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## TRUSTEES ANNUAL REPORT
## YEAR ENDED 31[st] AUGUST 2024
## ACHIEVEMENTS AND PERFORMANCE
The year saw the continuation of a major strategic review of the Circuit and its activities. The Circuit wants to be a dynamic, Spirit-led Circuit, that people appreciate being a part of. The aim is to deliver this God’s unconditional love through an emphasis on worship, service, learning and caring and evangelism.
Other key achievements in the year have been:
- Support for the creation of the new North West England district merging Manchester & Stockport, Cumbria, Bolton & Rochdale, Lancashire and Liverpool districts and assessing possible missional opportunities. Launch event at Victoria Hall, Bolton on 31st August 2024.
- Holding a Circuit Day on 18th November 2023 to think about future strategy development for the Circuit. Following this there was a period for prayer and discernment on the strategy and a follow-up development meeting was held on 17th August 2024.
- That Trinity trustees have sadly made the decision to cease to worship.
- Holding a special Circuit service in July 2024 to celebrate the 350th Anniversary of the birth of Isaac Watts singing many of his best loved hymns.
- Nutgrove School receiving a SIAMS (Statutory Inspection of Anglican and Methodist Schools) report with overall grade as excellent.
- Trustee agreement to sell the Lymm manse. Penketh manse fully refurbished.
- Receiving planning permission for premises redevelopment and realignment for Lymm Methodist Church.
- Continued support of 3 Generate with 59 youngsters and 13 adult leaders attending the 3 Generate celebration in October 2023.
- The provision of EDI training across the Circuit. Provision of first aid training courses in October 2023.
- That Circuit Meeting trustees have agreed to support the Alzheimer’s Society and the Helen Owen Foundation as their Circuit Charities for three years to August 2027.
- That Circuit Administrator, Emma Thompson, left the Circuit at the end of July 2024 after 20 years service for the Circuit. A celebration was held at the June 2024 Circuit Meeting. Proposal to look for a Circuit manager was approved.
## FINANCIAL REVIEW
Overall, there was a net deficit for the year of £67k, compared to a net surplus of £1,039k in 2023.
The manses at Lymm and Walton, Warrington were sold in June 2024 and July 2024 respectively.
Outside of the additional assets, the year saw deficit of £67k compared to deficit of £136k in 2023. The Circuit trustees have committed to use reserves to support the running of the Circuit whilst the strategic review is completed.
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## TRUSTEES ANNUAL REPORT
## YEAR ENDED 31[st] AUGUST 2024
## Principal Funding Resources
The principal ongoing funding source of the Charity were the assessments of £344k paid by the Circuit’s churches towards the Charity's operating costs for the year.
## Investment Policy and Performance
Under Methodist Standing Orders the proceeds from the sale of manses and chapels must be invested with the Trustees for Methodist Church Purposes. Other funds not immediately required are deposited with the Central Finance Board of the Methodist Church.
## Reserves Policy
The Trustees consider that an appropriate level of General Reserve to provide an adequate working balance would be between three and four and a half months costs, which equates to between £140,000 and £200,000 based on the 2024 accounts expenditure.
As at the 31 August 2024, the General Fund balance (excluding Fixed Assets) was £932k.
In addition, the Circuit held £1,040k in Designated Funds as at 31 August 2024 after excluding the Revaluation Reserve. The purpose of these funds is set out in Note 24 to the Financial Statements.
## Collaborative arrangements with connected charities
The members of the Circuit Meeting are the trustees of the Jackson Trust, a registered charity (No. 505907) whose object is to make gifts to those deemed deserving or in need of help who are on the community role of those Circuit Churches which were part of the former Warrington Circuit. The Circuit appoints three individual Managing Trustees to look after the day to day running of the Trust and to make decisions relating to grant approvals. During 2024, the Trust made £6,547 in grants. As at 31st August 2024, the Trust held investments valued at £91,981.
Three trustees of the Circuit are trustees of the Fred Pendlebury Trust (FPT) [Charity Reg. No. 242863] by virtue of the post they hold within the Circuit, with the remaining two trustees being the Mayor of Warrington and Chair of Stockton Heath Parish Council. The FPT’s object is to assist either generally or individually persons of 50 years of age or over who were born or are resident in the Warrington area who are in conditions of need, hardship or distress by offering grants to cover the costs of items such as kitchen appliances and domestic furnishings. In 2024, the FPT gave grants of £25,179 and at 31 August 2024 held investment funds valued at £1,142,000.
As their trustees do not act under the direction of the Circuit Meeting, the above charities do not meet the definition for consolidation as set out in the Charity SORP 2005.
## Going Concern Basis
The Trustees confirm that there is a reasonable expectation that the Charity will continue to receive contributions from the Circuit churches and can therefore continue in operational existence. Accordingly, the going concern basis has been adopted in preparing the Circuit's financial statements.
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## TRUSTEES ANNUAL REPORT
## YEAR ENDED 31[st] AUGUST 2024
## PLANS FOR FUTURE PERIODS
Our plans for the coming year include:
- Continuing to work with the MANN Learning network to complete the major update of the Circuit’s strategy and implementing a new Circuit mission statement.
- Setting up of a sub-committee to carry out a staffing review to suggest requirements for future stationing. Re-invitation process to be completed for Revd Mark Coles and Revd Mark Harwood.
- The possibility of developing Lay leadership and shared responsibility across the Circuit, exploring training opportunities and the appointment of Local Lay pastors.
- The completion of the decision process regarding the use of Wesley Methodist Church.
This following the completion of consultation with St Helens Council who lease the remainder of Wesley House, the complex within which the church lies.
- Planning a Circuit service to celebrate and thank all those who volunteer with children and young people.
- The appointment of a new Office Manager for the Circuit and looking for start of employment by end of October 2024.
- The appointment of a new auditor for the Circuit.
- The development of a new Circuit website.
- Considering financial grant support for the major re-development project at Lymm Methodist Church.
## REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Sankey Valley Methodist Circuit Charity registration number 1134227 Principal Office Circuit Resource Centre 1[st] Floor Penketh Methodist Church Chapel Road Penketh Warrington WA5 2NB
## Trustees
The Trustees who comprised the Circuit Leadership Team during the year were:
Ministers: Revd A Moffoot (Superintendent) Revd M Coles Deacon H Coleman Revd L Bishop Revd M Harwood Revd J Tresise
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
## TRUSTEES ANNUAL REPORT
## YEAR ENDED 31[st] AUGUST 2024
Circuit Stewards _:_ Mrs M Reeve (Senior) Mr A Rogers (Treasurer) Mr G Pegg (Oversight/Governance) Revd I Musgrove Mrs S Francis Mrs V Palmer Dr T Rhodes
The names of all those who served as Trustees of the Charity for all or part of the year or were Trustees at the date that this report was adopted are listed in Appendix A.
Auditors: Murray Smith LLP Chartered Accountants and Statutory Auditors Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU
Bankers: Cooperative Bank Plc Central Finance Board of Methodist Church PO Box 250 9 Bonhill Street Skelmersdale WN8 6WT London EC2A 4PE
Custodian Trustees Trustees for Methodist Church Purposes Central Buildings Oldham Street Manchester M1 5JQ Solicitors Tickle Hall Cross Carlton Chambers 25 Hardshaw Street St Helens WA10 1RP
## STRUCTURE, GOVERNANCE AND MANAGEMENT
The Circuit is part of the Liverpool District of the Methodist Church of Great Britain. Proposal for Liverpool District to amalgamate with 4 other districts to form the new North West England District at 1st September 2024. Each district, circuit and Methodist church whilst being a separate charity is governed by the Deed of Union 1932, Methodist Church Act 1932 and by the Methodist Church's Standing Orders. Local Ecumenical Partnerships each have their own Constitution or Sharing Agreement
At the end of the year, the Circuit comprises 15 Methodist churches and a Methodist/United Reform shared church.
The Circuit pays the Methodist ministers and lay employees who support its churches and acts as managing trustees for the ministers' manses.
The decision making body is the Circuit Meeting who are its Trustees. During the year, the Circuit Meeting was made up of the Circuit Ministers, those Supernumerary ministers who wished to be a trustee, the Circuit Stewards, other Circuit Officials appointed by the Circuit Meeting, Church Treasurers (or an alternative person approved by the Circuit Meeting), a Church Steward and one elected representative from each Church.
The decisions of the Circuit Meeting are implemented through a Circuit Leadership Team, which
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## TRUSTEES ANNUAL REPORT
## YEAR ENDED 31[st] AUGUST 2024
has appointed a number of other committees responsible for specific areas of work.
The Circuit Leadership Team is developing procedures for the consideration of the risks that face the Circuit and the steps that can be taken to mitigate these risks. Robust procedures are in place in respect of safeguarding children and vulnerable adults.
## RESPONSIBILITIES OF THE TRUSTEES
The Charity's Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources, including the income and expenditure, and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## STATEMENT AS TO DISCLOSURE TO OUR AUDITOR
Each of the persons who is a trustee at the date of approval of this report confirms that:
- so far as each trustee is aware, there is no relevant audit information of which the charity's auditor is unaware; and
- each trustee has taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
## APPOINTMENT OF AUDITOR
The auditors, Murray Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 18 September 2025 and signed on its behalf by:
The Revd A Moffoot (Superintendent Minister
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SANKEY VALLEY METHODIST CIRCUIT
## YEAR ENDED 31[st] AUGUST 2024
## Opinion
We have audited the financial statements of Sankey Valley Methodist Circuit (the ‘Charity’) for the year ended 31st August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31[st] August 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our Independent Auditors’ Report thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SANKEY VALLEY METHODIST CIRCUIT
## YEAR ENDED 31[st] AUGUST 2024
## thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees' Report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of trustees
As explained more fully in the Responsibilities of the Trustees statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit procedures designed to identify irregularities included:
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SANKEY VALLEY METHODIST CIRCUIT
## YEAR ENDED 31[st] AUGUST 2024
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of company staff with responsibilities for compliance matters to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
## Use of our Report
This report is made solely to the charity’s trustees, as a body, in accordance with the Charities Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Nicola Tucker FCA (Senior Statutory Auditor) For and on behalf of Murray Smith LLP Chartered Accountants Statutory Auditors Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU
Date signed …………………………………….
19-09-2025
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## STATEMENT OF FINANCIAL ACTIVITIES
## YEAR ENDED 31[st] AUGUST 2024
|Notes
Income from:
Donations
3
Charitable activities
4
Trading activities
5
Investments
6
Other
7
Total Income
Expenditure on:
Raising funds
8
Charitable activities
9
Other
15
Total Expenditure
Net income / (expenditure) before transfers
Transfers between funds
25
Net income/ (expenditure) before other gains
& losses
Other recognised gains / (losses)):
Gains / (Losses) on current investment
assets
Gains / (Losses) on fixed assets for Charity's
own use
Gains / (Losses) on revaluation of fixed
assets
Net movement in funds
Total Funds brought forward
Total funds carried forward|Unrestricted
Funds
Restricted
Funds
2024
Total
Funds
2023
Total
Funds
£
£
£
£
9,501
913
10,414
1,182,064
409,102
-
409,102
367,354
51,622
-
51,622
66,339
10,377
1,681
12,058
30,262
21,708
-
21,708
28,378|
|---|---|
||502,310
2,594
504,904
1,674,397|
||4,136
-
4,136
10,697
591,281
1,333
592,614
528,441
(24,736)
-
(24,736)
95,753|
||570,681
1,333
572,014
634,891|
||(68,371)
1,261
(67,110)
1,039,506
-
-
-
-|
||(68,371)
1,261
(67,110)
1,039,506
(10,220)
-
(10,220)
(95)
-
-
-
-
(254,496)
-
(254,496)
-|
||(333,087)
1,261 (331,826)
1,039,411
7,279,915
36,545
7,316,460
6,277,049|
||6,946,828
37,806
6,984,634
7,316,460|
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## BALANCE SHEET
## YEAR ENDED 31[st] AUGUST 2024
|Notes
FIXED ASSETS
Tangible assets
17
Investment property
18
CURRENT ASSETS
Current investments
Debtors
19
Cash at bank and in hand
20
CREDITORS: Amounts falling due
within one year
21
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
REPRESENTED BY:
Restricted Funds
23
Unrestricted Funds:
Designated funds
24
Revaluation reserve
24
Other unrestricted funds
24
TOTAL FUNDS|2024
£
£
4,689,584
1,001,000
5,690,584
13,618
39,715
1,340,835
1,394,168
100,118
1,294,050
6,984,634
6,984,634
37,806
324,580
715,760
5,906,488
6,946,828
6,984,634|2023
£
£
4,945,034
2,115,000
7,060,034
2,136
41,789
297,760
341,685
85,259
256,426
7,316,460
7,316,460
36,545
109,392
2,079,631
5,090,892
7,279,915|2023
£
£
4,945,034
2,115,000
7,060,034
2,136
41,789
297,760
341,685
85,259
256,426
7,316,460
7,316,460
36,545
109,392
2,079,631
5,090,892
7,279,915|
|---|---|---|---|
||13,618
39,715
1,340,835|2,136
41,789
297,760||
||1,394,168
100,118|341,685
85,259||
||324,580
715,760
5,906,488|109,392
2,079,631
5,090,892||
||||7,316,460|
||||7,316,460|
||||36,545
7,279,915|
||||7,316,460|
These financial statements were approved by the Board of Trustees and authorised for issue on 18 September 2025 and were signed on its behalf by:
The Revd A Moffoot (Superintendent Minister)
The notes on pages 13 to 26 form part of these financial statements
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## STATEMENT OF CASH FLOWS
## YEAR ENDED 31[st] AUGUST 2024
|Cash flows from operating activities:
_Net cash provided by (used in) operating activities (See Note 29)_
Cash flows from investing activities
Interest from investments
Purchase of investments
Proceeds from investment property
Purchase of property
_Net cash provided by (used in) investing activities_
Cash flows from financing activities
Change in cash and cash equivalents in reporting period
Cash and cash equivalents at beginning of reporting period
Cash and cash equivalents at end of reporting period|2024
£
(61,281)
12,058
(10,504)
1,102,802
-
1,104,356
-
1,043,075
297,760
1,340,835|2023
£
(165,782)|
|---|---|---|
|||30,262
-
-
(798,496)|
|||(768,234)|
|||-
(934,016)
1,231,776|
|||297,760|
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## 1. Basis of Preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The Circuit meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## 2. Summary of significant accounting policies
## a)
## Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## b)
## Income recognition
Items of income are recognised and included in the accounts when all of the following criteria are met:
- The charity has entitlement to the funds;
- Any performance conditions attached to the items of income have been met or are fully within the control of the charity;
- There is sufficient certainty that receipt of the income is considered probable; and
- The amount can be measured reliably.
## c)
## Expenditure recognition
Expenditure is recognised as soon as there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Project grants made by the Circuit are recognised in full when approved by the Trustees and, in the case of property projects, any requisite District and/or Connexional approval has been obtained. In addition, there must be certainty that the project as approved will proceed and that the amount approved will be drawn down.
As the Circuit is not able to recover Value Added Tax (VAT), any VAT payable is charged with the expenses to which it refers.
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## d) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and allocated in accordance with Ministerial and staff time.
The analysis of these costs is included in note 10.
## e)
## Tangible Fixed Assets
The Circuit’s manses were valued at October 2019 using professional valuations and revalued in current year by desk exercise. No depreciation is provided on these buildings because the Trustees consider the current residual fair values (on the assumption that they had reached the end of their useful economic life by the year-end) to be not less than the current valuations. The properties have been reviewed for impairment.
Furniture and Equipment for manses or other Circuit property costing over £1,000 is capitalised with depreciation being calculated on a 10% straight line basis so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.
On the closure of Methodist churches, the Circuit Meeting generally becomes the managing trustees for the property. Where the Circuit Meeting resolves to sell the property, it is not treated as a Fixed Asset and the net proceeds of sale are included in the accounts as “Other Income” on receipt of the funds.
## f) Investment property
Investment property is included at fair value. Gains are recognised in the income statement.
## g) Investments
The investments of the Circuit are held by the Trustees for Methodist Church Purposes (TMCP) as custodian trustees. The valuations, at market value, are those provided by TMCP. The unrealised gains arising on investments at the year-end are shown in the Statement of Financial Activities.
## h) Debtors and creditors; bank and cash
Debtors are stated at the amounts owed to the Circuit or prepaid. Creditors that are current liabilities are measured at the cash or other consideration expected to be paid. The liquid funds of bank balances and deposit account balances are shown at the realisable values.
## i) Concessionary loans
Where concessionary loans (i.e. free of interest) are made by the Circuit to further its charitable purposes, and are repayable after more than one year, they are initially recognised at the amount paid, with the carrying value adjusted in subsequent years to reflect repayments, adjusted for any impairment, if necessary.
## j) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Page 14
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
|3.
Donations and legacies
4.
Income from charitable activities
Donations to Charity Fund
Donations to Children/YP Fund
Donated churches
Donations to General Fund
Total
Church assessments
Letting of community centre and rooms
Printing recharges
Other income
Total|2024
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
-
913
913
8,051
-
8,051
-
-
-
1,450
-
1,450
9,501
913
10,414
343,525
-
343,525
49,073
-
49,073
1,599
-
1,599
14,905
-
14,905
409,102
-
409,102|2023
Total Funds
£
2,249
3,780
1,175,000
1,035|
|---|---|---|
|||1,182,064|
|||324,086
40,239
1,364
1,665|
|||367,354|
## 5. Other trading activities
This comprised rents from 3 manses which were temporarily surplus to requirements.
## 6. Investment income
This comprised interest and dividends on monies on deposit with the Central Finance Board and invested with Trustees for Methodist Church Purposes.
|7.
Other income
8.
Expenditure on raising funds
Closed Churches
Total
Management cost on let manses
Investment management costs
Total|2024
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
21,708
-
21,708
21,708
-
21,708
3,637
-
3,637
499
-
499
4,136
-
4,136|2023
Total Funds
£
28,378|
|---|---|---|
|||28,378|
|||7,904
2,793|
|||10,697|
Page 15
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## 9. Analysis of Charitable Activities
|2024
Ministerial pay & expenses
Non-Admin Lay staff pay & expenses
Connexional / District Assessments
Grants & Donations
Other property expenses
Other costs
Governance costs (See Note 10)
Support costs (See Note 10)
Totals|Ministry
Mission
Fresh
Expressions
Total 2024
£
£
£
£
157,711
64,366
17,070
239,147
-
3,407
-
3,407
52,424
31,018
5,804
89,246
-
22,073
-
22,073
-
1,833
-
1,833
34,033
20,136
3,767
57,936
28,856
16,880
3,149
48,885
76,789
44,920
8,378
130,087|
|---|---|
||349,813
204,633
38,168
592,614|
Ministerial & Lay staff pay costs have been allocated based on assessed time spent on activities; other costs allocated direct where practical, otherwise pro rata to staff costs.
Of the £592,614 expenditure in 2024, all £591,281 was charged to Unrestricted Funds and £1,333 was charged to Restricted Funds.
|2023
Ministerial pay & expenses
Non-Admin Lay staff pay & expenses
Connexional / District Assessments
Grants & Donations
Other property expenses
Other costs
Governance costs (See Note 10)
Support costs (See Note 10)
Totals|Ministry
Mission
Fresh
Expressions
Total 2023
£
£
£
£
114,969
57,448
16,303
188,720
-
3,587
-
3,587
50,625
29,953
5,604
86,182
-
27,567
-
27,567
-
11,991
-
11,991
22,014
13,026
2,437
37,477
17,708
13,552
2,298
33,558
73,539
56,278
9,542
139,359|
|---|---|
||278,855
213,402
36,184
528,441|
Of the £528,442 expenditure in 2023, all £528,442 was charged to Unrestricted Funds.
Page 16
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
10. Analysis of Governance and Support Costs
||2024|Support
Costs|Governance|Total 2024|Allocation|Basis|Basis|
|---|---|---|---|---|---|---|---|
|||£|£|£||||
||Ministerial pay & expenses|6,932|13,511|20,443|Ministerial|time||
||Admin Lay staff pay & expenses|14,063|7,264|21,327|Lay staff time|||
||Manse costs|96,670|5,088|101,758|Ministerial|time||
||Connexional / District Assessments|5,448|5,626|11,074|Staff time|||
||Circuit Resource Centre|3,417|603|4,020|Staff time|||
||Audit fee|-|13,141|13,141|Governance|||
||Other costs|3,537|3,652|7,189|Staff time|||
||Totals|130,067|48,885|178,952||||
||2023|Support
Costs|Governance|Total 2023|Allocation|Basis||
|||£|£|£||||
||Ministerial pay & expenses|6,623|11,887|18,510|Ministerial|time||
||Admin Lay staff pay & expenses|16,138|7,727|23,865|Lay staff time|||
||Manse costs|105,752|5,566|111,318|Ministerial|time||
||Connexional / District Assessments|5,261|5,433|10,694|Staff time|||
||Circuit Resource Centre|3,297|582|3,879|Staff time|||
||Audit fee|-|-|-|Governance|||
||Other costs|2,288|2,363|4,651|Staff time|||
||Totals|139,359|33,558|172,917||||
|||||2024||2023||
|||||£||£||
|11.|Paid Employees|||||||
||Stipends, Salaries, Employers National|Insurance &|Pension Costs|||||
||Gross Stipends/Salaries|||200,970||163,178||
||Social security costs|||17,953|||14,231|
||Other pensions costs|||47,945|||37,430|
|||||266,868||214,839||
Page 17
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## Particulars of employees:
The average number of employees during the year, calculated as full-time equivalents, was:
||2024|2023|
|---|---|---|
||No.|No.|
|Number of ministers|6|5|
|Number of administrative staff|3|3|
No employee received remuneration of more than £60,000 during the year (2023 - Nil). There is no accrual for holiday pay for the lay staff as it is immaterial.
## 12. Pensions
Most ordained presbyters and deacons are members of the Methodist Ministers' Pension Scheme, a funded defined benefit scheme maintained by the Methodist Church of Great Britain. Each circuit is required to contribute to the scheme for its ministers whether or not they choose to join the scheme. Contributions in 2023 were 9.3% for ministers and 26.9% of standard stipend for the Circuit.
The assets of the pension scheme are held separately from those of the Circuit in independently administered funds. The actuaries are of the opinion that it is not possible to identify on a consistent and reasonable basis, the share of the underlying assets and liabilities of the scheme attributable to the Circuit. As such, it is accounted for as a defined contribution scheme under FRS102.
The Circuit's lay employees are eligible to join a defined contribution scheme established by The Pensions Trust which provides pensions for charities and not for profit and voluntary organisations on standard terms negotiated by the Methodist Church of Great Britain. Contributions to this scheme are 6% of salary for lay employees and 6% for the Circuit. Eligible lay employees (i.e. those earning over £10,000 a year) were subject to auto enrolment into a pension scheme from 1 May 2016.
## 13. Trustee remuneration and expenses
Included within Charitable Activities is the remuneration of Circuit ministers who under Methodist Standing Orders are ex officio members of the Circuit Meeting and therefore trustees of the charity. The other trustee receiving remuneration was the Circuit Safeguarding Officer.
Expenses paid to trustees comprised travel/telephone costs to Circuit Ministers, travel costs to Circuit Stewards and Lay Preachers who were trustees, and preaching fees/travel costs to Circuit Supernumerary Ministers who were trustees. The number of trustees receiving expenses and the total paid were:
||2024|2023|
|---|---|---|
|Number of trustees who were paid expenses|7|7|
|Total amount paid|17,477|19,843|
Page 18
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
|2024
£
14.
Grants and Donations
Grants & Donations paid (Unrestricted Funds):
Church Mission Projects (Grants)
-
Connexional Funds & Charities (Donations)
500
Donations paid (Restricted Funds):
Circuit Charities (Epiphany Trust)
1,333
Total
1,833
15.
Other expenditure
2024
Un-Restricted
Funds
Restricted
Funds
Total Funds
£
£
£
District Advance Fund levy on Circuit
Model Trust Fund
651
-
651
Manse Selling Costs
-
-
-
Closed Churches – Management Costs
57,113
-
57,113
Pension Reserve Fund Contribution
(82,500)
-
(82,500)
(24,736)
-
(24,736)
16.
Net Income / (Expenditure) for year
This is stated after charging:
Depreciation
954
Audit Fee
13,141
2024
£|2024
£
14.
Grants and Donations
Grants & Donations paid (Unrestricted Funds):
Church Mission Projects (Grants)
-
Connexional Funds & Charities (Donations)
500
Donations paid (Restricted Funds):
Circuit Charities (Epiphany Trust)
1,333
Total
1,833
15.
Other expenditure
2024
Un-Restricted
Funds
Restricted
Funds
Total Funds
£
£
£
District Advance Fund levy on Circuit
Model Trust Fund
651
-
651
Manse Selling Costs
-
-
-
Closed Churches – Management Costs
57,113
-
57,113
Pension Reserve Fund Contribution
(82,500)
-
(82,500)
(24,736)
-
(24,736)
16.
Net Income / (Expenditure) for year
This is stated after charging:
Depreciation
954
Audit Fee
13,141
2024
£||2023
£
26,067
1,500
-
27,567
2023
Total Funds
£
40,117
3,825
51,811
-|
|---|---|---|---|
|||||
|||
||
||(24,736)
-
(24,736)||95,753|
||954
13,141
2024
£||1,061
-
2023
£|
Page 19
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## 17. Tangible Fixed Assets
|ngible Fixed Assets||
|---|---|
|Cost or valuation
At 1 September 2023
Additions
Revaluations in year
As at 31 August 2024
Depreciation
At 1 September 2023
Charge for year
As at 31 August 2024
Net Book Value
At 31 August 2023
At 31 August 2024
ed Asset Investments
Cost or valuation
At 1 September 2023
Revaluations in the year
Disposals
As at 31 August 2024
Depreciation
At 1 September 2023
Charge for year
As at 31 August 2024
Net Book Value
At 31 August 2023
At 31 August 2024|Land &
Buildings -
Manses
Land &
Buildings –
Community
Centres
Fixtures &
Fittings
Total
£
£
£
£
2,523,496
2,412,000
36,344
4,971,840
-
-
-
281,504
(536,000)
-
(254,496)|
||2,805,000
1,876,000
36,344
4,717,344|
||-
-
26,806
26,806
-
-
954
954|
||-
-
27,760
27,760|
||2,523,496
2,412,000
9,538
4,945,034|
||2,805,000
1,876,000
8,584
4,689,584|
||Land &
Buildings -
Manses
Land &
Buildings –
Community
Centres
Total
£
£
£
1,835,000
280,000
2,115,000
75,000
6,000
81,000
(1,195,000)
-
(1,195,000)
715,000
286,000
1,001,000
-
-
-
-
-
-
-
-
-
1,835,000
280,000
2,115,000
715,000
286,000
1,001,000|
## 18. Fixed Asset Investments
Land and building manses consist of freehold properties (£3,808,496).
On the sale of a manse where the proceeds are not being applied to a replacement project, a levy is payable under Methodist Standing Orders to the Connexional Priority Fund of 20% on the first £100,000 and 40% on the balance. As at 31 August 2024, the amount payable on the sale of all the manses would be £1,388,000.
Page 20
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
|19.
Debtors and prepayments
Loans to Circuit churches
Prepayments
Other Debtors
Total
20.
Cash at bank and in hand
Trustees for Methodist Church Purposes (Interest Funds)
Central Finance Board (Deposit Account)
Co-operative Bank (Current Account)
Cash in Hand
21.
Creditors and accruals
_Amounts falling due within one year._
Receipts in advance
Accruals
Other Creditors
Total||2024
£
8,400
28,257
3,058
39,715
976,458
300,849
63,420
108
1,340,835
81,704
13,141
5,273
100,118|2023
£
2,000
39,354
435
41,789
160,028
86,303
51,336
93|
|---|---|---|---|
||||297,760|
||||79,675
-
5,584|
||||85,259|
22. Capital commitment
The Circuit had no capital commitments at 31 August 2024. (2023: Nil)
Page 21
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## 23. Movement in Restricted Funds
|2024
Charity Fund
Fresh Expressions
2023
Charity Fund
Fresh Expressions|Balance
1 Sep 23
Incoming
Resources
Outgoing
Resources
Transfers
Balance
31 Aug 24
£
£
£
£
£
3,603
913
(1,333)
-
3,183
32,942
1,681
-
-
34,623|
|---|---|
||36,545
2,594
(1,333)
-
37,806|
||Balance
1 Sep 22
Incoming
Resources
Outgoing
Resources
Transfers
Balance
31 Aug 23
£
£
£
£
£
1,996
1,607
-
-
3,603
32,942
1,125
-
(1,125)
32,942|
||34,938
2,732
-
(1,125)
36,545|
## Purposes of Restricted Income Funds
Charity Fund - Monies received for the benefit of the Circuit’s nominated charity.
Fresh Expressions - This fund holds the monies transferred to the custody of the Circuit in 2008 by Deed of Appointment from the Withinshaw Trust. The monies are lodged with the Central Finance Board and the Circuit Meeting has agreed that they should be "Restricted", with the interest being transferred each year to the Fresh Expressions Unrestricted Income Fund (see Note below).
Page 22
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## 24. Movement in Unrestricted Funds
||||||Gains &||||
|---|---|---|---|---|---|---|---|---|
|2024|Balance|Incoming|Outgoing|Transfers|Losses /
Journal|||Balance 31|
||1 Sep 23|Resources|Resources||Entries|||Aug 24|
||£|£|£|£|£|||£|
|Designated Funds:|||||||||
|Children & Youth|7,442|8,051|(8,713)|2,000|||-|8,780|
|Circuit Model Trust|5,797|3,738|(26,797)|-|192,247|||174,985|
|Fresh Expressions|4,441|-|500|-|||-|4,941|
|Local Preacher Fund|1,784|-|250|-|||-|2,034|
|Manse Maintenance|34,000|-|6,000|-|||-|40,000|
|Mission Fund|51,300|2,335|33,048|-|||-|86,683|
|Nutgrove Comm. Centre|4,628|21,993|(19,464)|-|||-|7,157|
|Revaluation Reserve|2,079,631|-|-|(1,190,375)|(173,496)|||715,760|
||2,189,023|36,117|(15,176)|(1,188,375)|18,751|||1,040,340|
|General Funds:|||||||||
|Fixed Assets|4,980,403|-|(954)|(4,625)|||-|4,974,824|
|Other|110,489|466,193|(554,551)|1,193,000|(283,467)|||931,664|
||5,090,862|466,193|(555,505)|(1,188,375)|(283,467)|||5,906,488|
||||||||||
||7,279,915|502,310|(570,681)|-|(264,716)|||6,946,828|
|2023|Balance|Incoming|Outgoing|Transfers|Gains &|||Balance|
||1 Sep 22|Resources|Resources||Losses|||31 Aug 23|
||£|£|£|£|£|||£|
|Designated Funds:|||||||||
|Children & Youth|4,048|3,780|(2,386)|2,000|||-|7,442|
|Circuit Model Trust|677,855|16,558|(83,521)|(605,000)|(95)|||5,797|
|Fresh Expressions|3,316|-|-|1,125|||-|4,441|
|Local Preacher Fund|1,784|-|-|-|||-|1,784|
|Manse Maintenance|34,000|-|-|-|||-|34,000|
|Mission Fund|265,695|7,999|(23,899)|(198,495)|||-|51,300|
|Nutgrove Comm. Centre|(4,050)|22,221|(13,543)|-|||-|4,628|
|Revaluation Reserve|2,079,631|-|-|-|||-|2,079,631|
||3,062,279|50,558|(123,349)|(800,370)|(95)|||2,189,023|
|General Funds:|||||||||
|Fixed Assets|3,007,969|1,175,000|(1,061)|798,495|||-|4,980,403|
|Other|171,863|446,107|(510,481)|3,000||-||110,489|
||3,179,832|1,621,107|(511,542)|801,495||-||5,090,892|
||||||||||
||6,242,111|1,671,665|(634,891)|1,125|(95)|||7,279,915|
Page 23
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## Purposes of Designated Unrestricted Income Funds:
Local Preacher Fund – This comprises monies from three bequests and is to be used for providing training grants to Local Preachers. The Bridge Bequest was previously a Restricted Income Fund while the other two bequests were previously part of the General Fund.
Children and Youth - This fund holds monies allocated by the Circuit Meeting for work amongst children and young people of the Circuit.
Circuit Model Trust Fund – This fund receives the proceeds of sale of manses and churches and is used to fund property and mission projects approved by the Trustees subject to rules set by the Methodist Connexion.
Fresh Expressions - This fund holds monies allocated by the Circuit Meeting to help develop “fresh ways of being church”.
Manse Maintenance - This fund holds unspent budget monies from previous years which are to be made available to the Property Stewards in future years for major cyclical repairs.
Mission Fund – This comprises monies received from church’s trustees on the closure of churches and from other Methodist funds which were previously treated as Restricted, which the Trustees have agreed to be designated for Mission initiatives.
Nutgrove Community Centre – This fund holds the balance of income received after paying out operational expenses, which Trustees have agreed should be held to meet future maintenance and to contribute towards the cost of Deacon working in the Nutgrove community.
Revaluation Reserve – In accordance with FRS 102 this Fund is credited / expenses with gains / losses on the revaluation of fixed assets.
## 25. Transfers between funds
The reasons for the transfers between funds were as follows:
|From Fund|To Fund|Reason|Amount|
|---|---|---|---|
|General|Children & Youth|Annual allocation agreed by
Circuit Meeting|£2,000|
Page 24
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## 26. Analysis of net assets between funds
|2024
Tangible Fixed Assets
Investment Property
Net Current Assets
2023
Tangible Fixed Assets
Investment Property
Net Current Assets
27.
Transactions with related parties
Related Party
_Income:_
Circuit Churches
Pendlebury Trust
Jackson Trust
_Expenditure:_
Circuit Churches
Liverpool District
Liverpool District Advance Fund
Methodist Connexional Funds
Methodist Connexional Funds|Unrestricted
Funds
Restricted
Funds
£
£
4,689,584
-
1,001,000
-
1,256,244
37,806
6,946,828
37,806
Unrestricted
Funds
Restricted
Funds
£
£
4,945,034
-
2,115,000
-
219,881
36,545
7,279,915
36,545
Description of transaction
2024
£
Assessments to fund Circuit
Operating costs
343,525
Contribution to admin costs
300
Contribution to admin costs
-
Grants
-
District & Connexion costs
100,320
Levy on Model Trust Fund
651
Circuit Donations
-
Levy on sale of Manse
282,167|Total
£
4,689,584
1,001,000
1,294,050|
|---|---|---|
|||6,984,634|
|||Total
£
4,945,034
2,115,000
256,426|
|||7,316,460|
|||2023
£
324,086
895
-
26,067
96,876
40,117
1,500
-|
Page 25
Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 31[st] AUGUST 2024
## 28. Taxation
The Circuit is a registered charity and is entitled to claim annual exemption from UK corporation tax to the extent that income and gains are applicable and applied to charitable purposes only.
## 29. Reconciliation of net income / (expenditure) to net cash flow from operating activities
|Net income / (expenditure) for the year(as per
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest from investments
Donated churches
(Profit) / Loss on sale of fixed assets
(Gain) / Loss on current investments
(Gain) / Loss on revaluation of fixed assets
(Increase) / Decrease in Debtors
Increase / (Decrease) in Creditors
Net Cash provided by (used in) Operating
Activities|(331,826)
954
(12,058)
-
92,198
(978)
173,496
2,074
14,859
(61,281)
2024
£|1,039,411
1,061
(30,262)
(1,175,000)
-
95
95
(6,460)
5,373
2023
£|
|---|---|---|
|||(165,782)|
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## APPENDIX A: LIST OF TRUSTEES
The following persons served as a Trustee of the Circuit for all or part of the financial year.
## _Ministers stationed in the Circuit:_
Revd A Moffoot Revd L Bishop Deacon Helen Coleman Revd M Coles Revd M Harwood Revd Jeremy Tresise
## _Circuit Stewards:_
Mrs M Reeve Mr G Pegg (Governance/Circuit Meeting Secretary) Mr A Rogers (Treasurer) Revd I Musgrove Mrs S Francis Mrs V Palmer Dr T Rhodes
## _Supernumerary ministers:_
Revd I Musgrove Deacon T Luke Deacon F den Uil
## _Other Circuit Officers:_
Ms L Locke (Safeguarding Officer) Mr P Hatton (Nutgrove Methodist Voluntary Aided School) Ms R Bottell (Nutgrove Methodist Voluntary Aided School) Mrs Sue Rigby (Trusts) Mr R Verrill (Trusts) Mrs J Otterson (LP Meeting Secretary)
## _Church Steward Representative_
Ms K Ahearne (Cronton) Mrs S Bowden (St Martins, Woolston) Miss M Duff (Cross Lane United) Mr J Galsworthy (Latchford) Mrs D Shopland (Lymm) Ms Y Hedgecock (Trinity, Widnes) Mrs B Hitchen (Nutgrove) Mrs V Barber (St James, Rainhill) Mr P Ogden (Rixton) Mrs G Dickinson (Heath Street, Golborne) Mrs D Scapens (Ashton) Mr K Gardam (Penketh) Mr P Bowden (Padgate)
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Docusign Envelope ID: 99324E2C-AC75-444B-AB92-549EC1C7589E
## SANKEY VALLEY METHODIST CIRCUIT
## APPENDIX A: LIST OF TRUSTEES
## _Church Finance Representative_
Mr T Bradshaw (Heath Street, Golborne) Mr D Bargh (St James, Rainhill) Mr G Roberts (Padgate) Mrs C Caldwell (New Song Network) Mr J Crossley (Nutgrove) Ms J Foster (Cronton) Mr J D Humbles (Stockton Heath) Mr K Long (St Martins, Woolston) Mr I Locke (Farnworth) Mr R Quinn (Trinity, Widnes) Mr I Rayner (Penketh) Mrs B Scahill (Prescot & Whiston) Mrs M Simpson (Cross Lane United) Mrs P Hughes (Ashton) Mr G Pegg (Lymm) Mr I Wright (Rixton)
## _Church Elected Representative_
Mrs G Longs (St. Martins, Woolston) Mrs J Birkett (Nutgrove) Mrs M Davies (St. James, Rainhill) Ms S Spibey (Heath Street, Golborne) Dr B Fisher (Farnworth) Mrs A Harrison (Prescot & Whiston) Mrs P Lee (Cronton) Mrs J Sampson (Rixton) Mrs J Ormand (Latchford) Mrs J Roberts (Padgate) Mrs J Woods (Ashton) Mrs A Squires (New Song Network) Dr J Woodthorpe (Lymm) Ms J Whitfield (Stockton Heath) Mr B Williams (Cross Lane United)
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